04:33 PM EST, 11/13/2024 (MT Newswires) -- AutoCanada ( AOCIF ) after trade Wednesday said its third-quarter profit and revenue fell year-over-year due to operational challenges in Canada and the United States.

The company said it earned $7.05 million, or $0.25 per share, in the quarter, compared with $22.80 million, or $0.81, in the year-prior period. The result beat the consensus analyst estimate for a profit of $0.20 per share, according to Capital IQ.

Revenue fell 1.8% to $1.63 billion from $1.66 billion a year ago. Adjusted EBITDA was $53.2 million versus $66.7 million in the prior year.

"In the third quarter of 2024, our Canadian operations continued to experience softening market conditions, with affordability pressures influencing consumer behavior and weighing on both gross profit per unit and demand for finance and insurance products. Meanwhile, our US operations continued to face challenges," Executive Chairman Paul Antony said.

After the end of the third quarter, the company launched a transformation plan with Bain & Company, starting with four pilot dealerships in Western Canada, he said, adding that while it's still early in the process, the company expects to achieve $100 million in annualized savings by the end of 2025.

AutoCanada ( AOCIF ) shares closed up $0.53 to $15.12 on the Toronto Stock Exchange.